Hoy, who took two gold medals in London 2012, is currently considering whether he will continue as an elite competitor or if he will wind down his career. Whatever the day when he walks away from racing, the new bike project is one step towards the next phase of his life; making a living outside the grants, endorsements and prizes he has received since becoming a top-level athlete.

“Cycling has been a central part of my life from an early age and has helped me achieve so much,” he said in a statement today. “I want to help more people experience the power and enjoyment of cycling, as well as demystifying it and making it accessible to all. That's why I decided to create a brand that embodies this vision and my passion.”

The Scot will partner with Evans Cycles in developing the range of bicycles. However although he is known as an elite competitor, the initial focus for the brand appears to be for the club competitor and commuters. The range will begin with seven bikes. Three will be road bikes ‘for the recreational and sports cyclist,’ while the remaining four will be city bikes for use by commuters and leisure riders.

Longer-term, the range will expand and it is intended that there will be a limited edition track bike.

Hoy explained his decision to work with Evans Cycles on the project, describing it as being one of the UK’s ‘most highly-regarded cycle retailers.’

According to today’s announcement, Hoy will road test the models himself, as well as having a ‘considerable technical input’ into the geometry, tubing, aesthetics and specification.

Evans Cycles CEO Nick Wilkinson said he hoped that the brand would be part of the legacy of the Games. “This is a perfect way to build on the success of the Olympic Games and inspire more people to get into cycling.”

“I’ll make a decision sooner rather than later by Spring next year,” he said while attending the track World Cup in Glasgow, held in a velodrome named in his honour. “I’ll be getting back into training and racing in January in Australia to see how the body copes.

“I will definitely not be competing at the Worlds as the rest of the guys have been training flat out, especially the younger guys not competing at the Olympics and trying to make the Worlds team.”